The SPXL pair is on a fight to finish the bullish movement, the stock showed an unrelenting spirit in its bullish journey, and is either going to break through the key resistance level or reverse from there.
Supply levels: $50, $51, and $53
Demand levels: $46, $45, and $41.50
SPXL Medium-term Trend: Bullish
The stock market momentum slowed down yesterday as the price gets to the crucial price resistance level of $53. This level is a market direction determinant for the price because if the market closes above it, price is bound to rest on a new higher high target, but if it closes below this level, it will form the bases for a change to the bearish direction.
The daily chart is indicating a bullish market outlook, since the 14 and 50 Exponential Moving Averages crosses are below the market price, and the bars of the MACD Histogram are on the rise for a bullish market.
SPXL Short-term Trend: Bullish
The short-term trend is a bullish one, the northward journey of the pair might end or continue after the next resistance level that is now close to the market price, and this calls for caution among traders.
The 4-Hours chart shows that the price is above the crosses of the 14 and 50 Exponential Moving Averages, and the bars of the MACD Indicator Histogram is pointing up for a bullish continuation.
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